A brief overview of an RTGS money transfer app

Earlier, all the banking services that people needed were only accessible through their bank’s offices. Now, times have changed. Banking services can be accessed through smartphones as well. You can open bank account online and conduct all of your banking transactions through the bank’s online app. This way of handling your money is easier, smoother, faster, and secure. Banks even offer the RTGS money transfer facility on their app. RTGS stands for Real-Time Gross Settlement, where the money is paid in continuous payments which are open 24 hours a day, every day. In this article, we will tell you about the details you need while making RTGS payments, and points to remember while doing so.

The details needed to send money through the RTGS money transfer app are:

1. Beneficiary bank name
2. Beneficiary bank branch
3. Amount to be transferred
4. Sender’s bank branch name
5. Beneficiary bank IFSC code
6. Account number if the amount is to be debited from the sender’s bank account
7. Beneficiary account type (current/savings/NRE/Overdraft/Cash Credit/Credit Card/Loan)

Sending money through the RTGS method is very easy when you use your bank’s mobile banking app. Now let us look at some points about this money transfer app, which you can use to transfer money to your beneficiary.

1. Transferring money through the RTGS channel from a bank office costs some charges whereas using the RTGS money transfer app is free and easy
2. The RTGS money transfer system works 24*7*365
3. The least amount of money you can transfer through the RTGS money transfer app is Rs. 2 lakhs
4. To send money to the beneficiary through the RTGS app, the sender must hold a single and unconditional signing authority over their bank account.
5. The payment needs to be made within 30 minutes of initiation of the RTGS money transfer process
6. Some banks help their customers to use the RTGS money transfer app in vernacular language
7. RTGS money transfer system works only when the payment is made to a beneficiary bank within the country
8. These transactions are controlled solely by the Reserve bank of India
9. This transaction takes place in real-time in the record books of the Reserve Bank of India
10. The RTGS settlement once done is irreversible. It means, once the payment is done it cannot be cancelled or reversed.
11. If the bank of your beneficiary is not a participant in the RTGS system then the transaction will be rejected.
12. The banks that process the RTGS money transfer bid on behalf of their customers are not held responsible if the customer debits the money into an unintended bank account with a different bank IFSC code and different bank name.

So, these are the details that you need to keep handy while processing your RTGS money transfer bid, and the 12 points that you should keep in mind while transferring money through the RTGS money transfer app. Please provide the right details of your intended beneficiary while initiating money transfers through this channel. Have a nice day!

Read More: 6 precautions to follow while using a phone banking app